# Orkla ASA (ORK.OL)

Canonical: https://gigainvestors.com/s/ORK.OL

Analysis as of: 2026-10-16T07:35:59.360Z. Financial observations: FY1996–FY2026.

Listing currency: NOK. Reporting currency: NOK.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: NOK 95.60 per share; close as of 2026-10-15.

Estimated value: low NOK 81.05 per share, central NOK 103.26 per share, high NOK 120.33 per share. Buy at or below the central value NOK 103.26 per share. Valuation as of 2026-10-16T07:35:59.360Z; scenarios are not confidence intervals.

Expected annual return: 10.6% at the stated quote. About 10.6% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; NO 10-year bond 4.5% + 4 points).

## Checklist

### understandable: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.07×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.11×

- FY2018: 0.11×

- FY2019: 0.10×

- FY2020: 0.10×

- FY2021: 0.11×

- FY2022: 0.12×

- FY2023: 0.09×

- FY2024: 0.10×

- FY2025: 0.10×

- LTM to Jun 2026: 0.10×

### moat: fail

- ROIC median below threshold

- ROIC, median of available years: 14.3%

- ROIC, second-lowest year: 12.5%

- Typical minus recent gross margin: 1.1 pp

- Typical gross margin (annual median): 50.2%

- Recent gross margin (lower of latest and 3-year median): 49.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.6%

- ROIC including acquisitions, ten-year median: 8.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 10.8%

- FY2017: 16.7%

- FY2018: 13.9%

- FY2019: 14.3%

- FY2020: 14.0%

- FY2021: 14.8%

- FY2022: 14.3%

- FY2023: 12.5%

- FY2024: 15.3%

- FY2025: 15.1%

### economics: pass

- Owner earnings / net income, 5-yr: 0.99×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: NOK 32B

- Net income, five-year total: NOK 33B

- Return on incremental invested capital: 60.8%

- Working capital / revenue, annual change: -0.2 pp

- Working capital / revenue, change between three-year averages: -2.2 pp

- Working capital / revenue, final three-year average: 16.4%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.92×

- FY2022: 0.92×

- FY2023: 0.92×

- FY2024: 1.18×

- FY2025: 0.98×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 13.9% vs 15.1%

- Per-share earnings: 4.24 to 6.05 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.2%

- Ordinary dilution, 5-year annual growth: 0.0%

- Market cap gain: NOK 33B

- Cumulative retained earnings: NOK 15B

- Diluted shares, 10-year annual growth: -0.2%

- Diluted shares, 5-year annual growth: 0.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 4.5%

- Per-share value change: NOK 1.81

- Per-share value, starting three-year median: NOK 4.24

- Per-share value, ending three-year median: NOK 6.05

- Buybacks concentrated in cheaper years (correlation): -0.37

- Average buyback yield: 0.7%

- Buyback history: 6 years

- Debt-funded buybacks: No

- Acquisition spending: NOK 19B

- Cumulative net income, 10 years: NOK 57B

- ROIC, first three-year median: 13.9%

- ROIC, last three-year median: 15.1%

Chart: Earnings per share; fiscal year observations.

- FY2016: NOK 4.24

- FY2017: NOK 8.42

- FY2018: NOK 3.27

- FY2019: NOK 3.84

- FY2020: NOK 4.37

- FY2021: NOK 4.82

- FY2022: NOK 5.03

- FY2023: NOK 5.21

- FY2024: NOK 6.05

- FY2025: NOK 11.47

### accounting: pass

- Sloan accruals: 2.5%

- Receivables to sales index (DSRI): 1.02×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.81×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.74×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 0.3%

- FY2017: 4.7%

- FY2018: -2.1%

- FY2019: -4.0%

- FY2020: -3.5%

- FY2021: -2.2%

- FY2022: -0.3%

- FY2023: -2.4%

- FY2024: -4.0%

- FY2025: 2.5%

## Holders

## Price story

Down 27% since Feb 2026 · sales -1%

Story as of 2026-10-16T10:00:06.451Z; price observation 2026-10-15.

Price needs cash profits to grow 2.8% a year for ten years

### Sales · FY2025–2026

sales -1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: NOK 40B 

- FY2018: NOK 41B 

- FY2019: NOK 44B 

- FY2020: NOK 47B 

- FY2021: NOK 50B 

- FY2022: NOK 58B 

- FY2023: NOK 68B 

- FY2024: NOK 71B 

- FY2025: NOK 72B 

- FY2026: NOK 71B 

### Gross margin · FY2025

gross margin 49.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 50.4% 

- FY2017: 50.2% 

- FY2018: 50.2% 

- FY2019: 50.3% 

- FY2020: 50.3% 

- FY2021: 50.1% 

- FY2022: 50.6% 

- FY2023: 48.7% 

- FY2024: 50.2% 

- FY2025: 49.1% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in packaged foods; annual sales are NOK 71.5 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:59.360Z); FY2025: revenue 71547000000; grossProfit 35100000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ORK.OL: Orkla ASA operates as an industrial investment company within brands and consumer-oriented businesses worldwide. It offers decorative paints, marine coatings, protective coatings, and powder coatings; frozen pizza, condiments, bread toppings, and ready-to-eat meals; bakery, ice cream, and plant-based products; and confectionery, biscuits, and salty snacks. The company also provides branded consumer health products, such as daily nutrition and oral health, wound care, and functional personal care under the Möller's, Jordan, and Salvequick brand names; spices and spice blends, ready-to-eat sweets, breakfast mixes, and other; and cleaning and personal hygiene products, such as detergents, cleaning equipment, and personal care products. In addition, it operates a franchised pizza business; offers paintbrushes, rollers, and other painting project consumables comprising sanding equipment, tape, protective gear, and cleaning products; and health and sports nutrition products. The company was founded in 1654 and is headquartered in Oslo, Norway.

### Why customers stay

Margins ranged from 48.7% to 50.2% during 2023–25; it earns 14.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:59.360Z); FY2023: grossProfit / revenue = 48.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:59.360Z); FY2024: grossProfit / revenue = 50.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:59.360Z); FY2025: grossProfit / revenue = 49.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:59.360Z); 10-year return on capital observations [[2016,0.1078338627498222],[2017,0.16668447356862187],[2018,0.13905073183772687],[2019,0.14308241789957987],[2020,0.14039359047122424],[2021,0.1480808020946628],[2022,0.14286452779832545],[2023,0.12482250350405573],[2024,0.15270283046651345],[2025,0.1509448309335059]]; median 0.14297347284895268. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 51% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:59.360Z); Gross margin observations: [[2021,0.5009813445411471],[2022,0.5056087410731106],[2023,0.4867324512884051]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back NOK 1.1 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:59.360Z); FY2016: growth capex 488000000; upkeep 1161000000; owner earnings 4293000000. Growth capex / owner earnings = 0.11367342184952248.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:59.360Z); FY2017: growth capex 399000000; upkeep 1330000000; owner earnings 8582000000. Growth capex / owner earnings = 0.0464926590538336.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:59.360Z); FY2018: growth capex 400389398.41350913; upkeep 1931610601.5864909; owner earnings 2610389398.4135094. Growth capex / owner earnings = 0.1533830158277726.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:59.360Z); FY2019: growth capex 301000000; upkeep 2221000000; owner earnings 3506800000. Growth capex / owner earnings = 0.08583323827991331.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:59.360Z); FY2020: growth capex 153000000; upkeep 2454000000; owner earnings 4073600000. Growth capex / owner earnings = 0.03755891594658287.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:59.360Z); FY2021: growth capex 595000000; upkeep 2092000000; owner earnings 4423200000. Growth capex / owner earnings = 0.13451799602098027.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:59.360Z); FY2022: growth capex 419000000; upkeep 2404000000; owner earnings 4624600000. Growth capex / owner earnings = 0.09060243048047399.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:59.360Z); FY2023: growth capex 0; upkeep 2921000000; owner earnings 4794800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:59.360Z); FY2024: growth capex 0; upkeep 2034000000; owner earnings 7122200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:59.360Z); FY2025: growth capex 0; upkeep 2551000000; owner earnings 11196400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:59.360Z); Dividend observations: [[2016,2545000000],[2017,7738000000],[2018,2643000000],[2019,2599000000],[2020,2598000000],[2021,2739000000],[2022,2987000000],[2023,2989000000],[2024,5985000000],[2025,10153000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:59.360Z); FY2025: cash repurchases 1069000000 NOK.

### Are managers owners

Insiders own 5.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ORK.OL SharesStats.PercentInsiders = 5.244 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 2.8% yearly over ten years; actual growth was 13.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:59.360Z); Ten-year compound average after fade. Initial solved rate 0.027253536247890398. Price 95.6; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 3.24319099678368 → FY2025 11.19522450142735. Closing-price date 2026-10-15.

## Monthly share-price history (NOK per share)

- 2016-10: NOK 78.05 per share

- 2016-11: NOK 75.90 per share

- 2016-12: NOK 78.20 per share

- 2017-01: NOK 76.90 per share

- 2017-02: NOK 73.75 per share

- 2017-03: NOK 76.90 per share

- 2017-04: NOK 77.75 per share

- 2017-05: NOK 84.45 per share

- 2017-06: NOK 84.85 per share

- 2017-07: NOK 81.00 per share

- 2017-08: NOK 79.65 per share

- 2017-09: NOK 81.70 per share

- 2017-10: NOK 79.95 per share

- 2017-11: NOK 83.40 per share

- 2017-12: NOK 87.05 per share

- 2018-01: NOK 80.22 per share

- 2018-02: NOK 86.62 per share

- 2018-03: NOK 84.14 per share

- 2018-04: NOK 74.34 per share

- 2018-05: NOK 73.80 per share

- 2018-06: NOK 71.40 per share

- 2018-07: NOK 69.00 per share

- 2018-08: NOK 69.00 per share

- 2018-09: NOK 68.76 per share

- 2018-10: NOK 72.74 per share

- 2018-11: NOK 71.00 per share

- 2018-12: NOK 68.04 per share

- 2019-01: NOK 67.90 per share

- 2019-02: NOK 67.42 per share

- 2019-03: NOK 66.20 per share

- 2019-04: NOK 67.64 per share

- 2019-05: NOK 75.76 per share

- 2019-06: NOK 75.68 per share

- 2019-07: NOK 75.48 per share

- 2019-08: NOK 83.52 per share

- 2019-09: NOK 82.76 per share

- 2019-10: NOK 88.34 per share

- 2019-11: NOK 89.26 per share

- 2019-12: NOK 88.96 per share

- 2020-01: NOK 89.00 per share

- 2020-02: NOK 79.22 per share

- 2020-03: NOK 89.02 per share

- 2020-04: NOK 92.74 per share

- 2020-05: NOK 87.34 per share

- 2020-06: NOK 84.30 per share

- 2020-07: NOK 89.50 per share

- 2020-08: NOK 88.92 per share

- 2020-09: NOK 94.38 per share

- 2020-10: NOK 90.08 per share

- 2020-11: NOK 85.20 per share

- 2020-12: NOK 87.00 per share

- 2021-01: NOK 83.42 per share

- 2021-02: NOK 79.86 per share

- 2021-03: NOK 83.84 per share

- 2021-04: NOK 84.96 per share

- 2021-05: NOK 86.78 per share

- 2021-06: NOK 87.70 per share

- 2021-07: NOK 80.30 per share

- 2021-08: NOK 77.68 per share

- 2021-09: NOK 80.22 per share

- 2021-10: NOK 82.16 per share

- 2021-11: NOK 82.82 per share

- 2021-12: NOK 88.36 per share

- 2022-01: NOK 84.80 per share

- 2022-02: NOK 82.54 per share

- 2022-03: NOK 78.36 per share

- 2022-04: NOK 76.36 per share

- 2022-05: NOK 73.72 per share

- 2022-06: NOK 78.72 per share

- 2022-07: NOK 83.26 per share

- 2022-08: NOK 83.42 per share

- 2022-09: NOK 79.20 per share

- 2022-10: NOK 70.16 per share

- 2022-11: NOK 69.96 per share

- 2022-12: NOK 70.94 per share

- 2023-01: NOK 74.42 per share

- 2023-02: NOK 69.92 per share

- 2023-03: NOK 74.26 per share

- 2023-04: NOK 76.60 per share

- 2023-05: NOK 79.86 per share

- 2023-06: NOK 77.10 per share

- 2023-07: NOK 80.08 per share

- 2023-08: NOK 81.28 per share

- 2023-09: NOK 79.98 per share

- 2023-10: NOK 76.94 per share

- 2023-11: NOK 79.64 per share

- 2023-12: NOK 78.84 per share

- 2024-01: NOK 82.50 per share

- 2024-02: NOK 76.06 per share

- 2024-03: NOK 76.54 per share

- 2024-04: NOK 75.80 per share

- 2024-05: NOK 83.55 per share

- 2024-06: NOK 86.75 per share

- 2024-07: NOK 92.10 per share

- 2024-08: NOK 94.20 per share

- 2024-09: NOK 99.45 per share

- 2024-10: NOK 101.70 per share

- 2024-11: NOK 101.90 per share

- 2024-12: NOK 98.35 per share

- 2025-01: NOK 105.30 per share

- 2025-02: NOK 108.70 per share

- 2025-03: NOK 115.30 per share

- 2025-04: NOK 115.60 per share

- 2025-05: NOK 115.60 per share

- 2025-06: NOK 109.60 per share

- 2025-07: NOK 109.00 per share

- 2025-08: NOK 112.30 per share

- 2025-09: NOK 104.20 per share

- 2025-10: NOK 102.70 per share

- 2025-11: NOK 108.30 per share

- 2025-12: NOK 112.50 per share

- 2026-01: NOK 114.20 per share

- 2026-02: NOK 130.10 per share

- 2026-03: NOK 121.70 per share

- 2026-04: NOK 114.20 per share

- 2026-05: NOK 97.65 per share

- 2026-06: NOK 104.20 per share

- 2026-07: NOK 105.40 per share

- 2026-08: NOK 95.45 per share

- 2026-09: NOK 92.80 per share

- 2026-10: NOK 93.20 per share

## Annual estimated value (NOK per share)

- FY2016: low NOK 23.38 per share, central NOK 26.53 per share, high NOK 30.72 per share

- FY2017: low NOK 46.11 per share, central NOK 51.92 per share, high NOK 59.65 per share

- FY2018: low NOK 45.40 per share, central NOK 51.50 per share, high NOK 59.62 per share

- FY2019: low NOK 47.92 per share, central NOK 54.44 per share, high NOK 63.13 per share

- FY2020: low NOK 46.62 per share, central NOK 52.76 per share, high NOK 60.93 per share

- FY2021: low NOK 47.81 per share, central NOK 54.40 per share, high NOK 63.18 per share

- FY2022: low NOK 55.06 per share, central NOK 66.76 per share, high NOK 77.75 per share

- FY2023: low NOK 66.65 per share, central NOK 85.10 per share, high NOK 99.43 per share

- FY2024: low NOK 75.48 per share, central NOK 97.52 per share, high NOK 113.98 per share

- FY2025: low NOK 77.25 per share, central NOK 98.83 per share, high NOK 115.41 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:41:45.148Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

Orkla ASA

ORK · OL

STOXX Europe 600 · OBX

Not a wonderful business

1 quality test fails. A lower price would not fix the business.

Share price: NOK 95.60
Buy up to: NOK 103.26
Expected / yr: 10.6% at today's price (10.0% at central value)

The business

How it makes money
Why customers stay
Can it raise prices
Where the cash goes
Are managers owners
What the price says

1. Is this a good business?

Evidence only; not required for Buy

Margins varied 7.5% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 10.4%
Worst year: 9.2%
Latest · LTM: 9.8%

Capital return excluding acquisitions: median 14.3% (minimum 15%).

ROIC excluding acquisitions

10y median: 14.3%
Worst year: 10.8%
Latest · 2025: 15.1%

Each $1 of profit left $0.99 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 0.99×
Annual median: 0.92×
Latest · 2025: 0.98×

Per-share value rose from 4.24 to 6.05, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: NOK 4.93
Worst year: NOK 3.27
Latest · 2025: NOK 11.47

Profits were backed by cash: accruals were 2.5% of assets (limit 10%).

Sloan accruals

10y median: -2.1%
Worst year: 4.7%
Latest · 2025: 2.5%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 10.5%, three-year average owner earnings per share 7.7 NOK.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price NOK 78.05 · Value 26.53 · Buy at or below 26.53; 2016-11 · Price NOK 75.90 · Value 26.53 · Buy at or below 26.53; 2016-12 · Price NOK 78.20 · Value 26.53 · Buy at or below 26.53; 2017-01 · Price NOK 76.90 · Value 26.53 · Buy at or below 26.53; 2017-02 · Price NOK 73.75 · Value 51.92 · Buy at or below 51.92; 2017-03 · Price NOK 76.90 · Value 51.92 · Buy at or below 51.92; 2017-04 · Price NOK 77.75 · Value 51.92 · Buy at or below 51.92; 2017-05 · Price NOK 84.45 · Value 51.92 · Buy at or below 51.92; 2017-06 · Price NOK 84.85 · Value 51.92 · Buy at or below 51.92; 2017-07 · Price NOK 81.00 · Value 51.92 · Buy at or below 51.92; 2017-08 · Price NOK 79.65 · Value 51.92 · Buy at or below 51.92; 2017-09 · Price NOK 81.70 · Value 51.92 · Buy at or below 51.92; 2017-10 · Price NOK 79.95 · Value 51.92 · Buy at or below 51.92; 2017-11 · Price NOK 83.40 · Value 51.92 · Buy at or below 51.92; 2017-12 · Price NOK 87.05 · Value 51.92 · Buy at or below 51.92; 2018-01 · Price NOK 80.22 · Value 51.92 · Buy at or below 51.92; 2018-02 · Price NOK 86.62 · Value 51.50 · Buy at or below 51.50; 2018-03 · Price NOK 84.14 · Value 51.50 · Buy at or below 51.50; 2018-04 · Price NOK 74.34 · Value 51.50 · Buy at or below 51.50; 2018-05 · Price NOK 73.80 · Value 51.50 · Buy at or below 51.50; 2018-06 · Price NOK 71.40 · Value 51.50 · Buy at or below 51.50; 2018-07 · Price NOK 69.00 · Value 51.50 · Buy at or below 51.50; 2018-08 · Price NOK 69.00 · Value 51.50 · Buy at or below 51.50; 2018-09 · Price NOK 68.76 · Value 51.50 · Buy at or below 51.50; 2018-10 · Price NOK 72.74 · Value 51.50 · Buy at or below 51.50; 2018-11 · Price NOK 71.00 · Value 51.50 · Buy at or below 51.50; 2018-12 · Price NOK 68.04 · Value 51.50 · Buy at or below 51.50; 2019-01 · Price NOK 67.90 · Value 51.50 · Buy at or below 51.50; 2019-02 · Price NOK 67.42 · Value 54.44 · Buy at or below 54.44; 2019-03 · Price NOK 66.20 · Value 54.44 · Buy at or below 54.44; 2019-04 · Price NOK 67.64 · Value 54.44 · Buy at or below 54.44; 2019-05 · Price NOK 75.76 · Value 54.44 · Buy at or below 54.44; 2019-06 · Price NOK 75.68 · Value 54.44 · Buy at or below 54.44; 2019-07 · Price NOK 75.48 · Value 54.44 · Buy at or below 54.44; 2019-08 · Price NOK 83.52 · Value 54.44 · Buy at or below 54.44; 2019-09 · Price NOK 82.76 · Value 54.44 · Buy at or below 54.44; 2019-10 · Price NOK 88.34 · Value 54.44 · Buy at or below 54.44; 2019-11 · Price NOK 89.26 · Value 54.44 · Buy at or below 54.44; 2019-12 · Price NOK 88.96 · Value 54.44 · Buy at or below 54.44; 2020-01 · Price NOK 89.00 · Value 54.44 · Buy at or below 54.44; 2020-02 · Price NOK 79.22 · Value 52.76 · Buy at or below 52.76; 2020-03 · Price NOK 89.02 · Value 52.76 · Buy at or below 52.76; 2020-04 · Price NOK 92.74 · Value 52.76 · Buy at or below 52.76; 2020-05 · Price NOK 87.34 · Value 52.76 · Buy at or below 52.76; 2020-06 · Price NOK 84.30 · Value 52.76 · Buy at or below 52.76; 2020-07 · Price NOK 89.50 · Value 52.76 · Buy at or below 52.76; 2020-08 · Price NOK 88.92 · Value 52.76 · Buy at or below 52.76; 2020-09 · Price NOK 94.38 · Value 52.76 · Buy at or below 52.76; 2020-10 · Price NOK 90.08 · Value 52.76 · Buy at or below 52.76; 2020-11 · Price NOK 85.20 · Value 52.76 · Buy at or below 52.76; 2020-12 · Price NOK 87.00 · Value 52.76 · Buy at or below 52.76; 2021-01 · Price NOK 83.42 · Value 52.76 · Buy at or below 52.76; 2021-02 · Price NOK 79.86 · Value 54.40 · Buy at or below 54.40; 2021-03 · Price NOK 83.84 · Value 54.40 · Buy at or below 54.40; 2021-04 · Price NOK 84.96 · Value 54.40 · Buy at or below 54.40; 2021-05 · Price NOK 86.78 · Value 54.40 · Buy at or below 54.40; 2021-06 · Price NOK 87.70 · Value 54.40 · Buy at or below 54.40; 2021-07 · Price NOK 80.30 · Value 54.40 · Buy at or below 54.40; 2021-08 · Price NOK 77.68 · Value 54.40 · Buy at or below 54.40; 2021-09 · Price NOK 80.22 · Value 54.40 · Buy at or below 54.40; 2021-10 · Price NOK 82.16 · Value 54.40 · Buy at or below 54.40; 2021-11 · Price NOK 82.82 · Value 54.40 · Buy at or below 54.40; 2021-12 · Price NOK 88.36 · Value 54.40 · Buy at or below 54.40; 2022-01 · Price NOK 84.80 · Value 54.40 · Buy at or below 54.40; 2022-02 · Price NOK 82.54 · Value 66.76 · Buy at or below 66.76; 2022-03 · Price NOK 78.36 · Value 66.76 · Buy at or below 66.76; 2022-04 · Price NOK 76.36 · Value 66.76 · Buy at or below 66.76; 2022-05 · Price NOK 73.72 · Value 66.76 · Buy at or below 66.76; 2022-06 · Price NOK 78.72 · Value 66.76 · Buy at or below 66.76; 2022-07 · Price NOK 83.26 · Value 66.76 · Buy at or below 66.76; 2022-08 · Price NOK 83.42 · Value 66.76 · Buy at or below 66.76; 2022-09 · Price NOK 79.20 · Value 66.76 · Buy at or below 66.76; 2022-10 · Price NOK 70.16 · Value 66.76 · Buy at or below 66.76; 2022-11 · Price NOK 69.96 · Value 66.76 · Buy at or below 66.76; 2022-12 · Price NOK 70.94 · Value 66.76 · Buy at or below 66.76; 2023-01 · Price NOK 74.42 · Value 66.76 · Buy at or below 66.76; 2023-02 · Price NOK 69.92 · Value 85.10 · Buy at or below 85.10; 2023-03 · Price NOK 74.26 · Value 85.10 · Buy at or below 85.10; 2023-04 · Price NOK 76.60 · Value 85.10 · Buy at or below 85.10; 2023-05 · Price NOK 79.86 · Value 85.10 · Buy at or below 85.10; 2023-06 · Price NOK 77.10 · Value 85.10 · Buy at or below 85.10; 2023-07 · Price NOK 80.08 · Value 85.10 · Buy at or below 85.10; 2023-08 · Price NOK 81.28 · Value 85.10 · Buy at or below 85.10; 2023-09 · Price NOK 79.98 · Value 85.10 · Buy at or below 85.10; 2023-10 · Price NOK 76.94 · Value 85.10 · Buy at or below 85.10; 2023-11 · Price NOK 79.64 · Value 85.10 · Buy at or below 85.10; 2023-12 · Price NOK 78.84 · Value 85.10 · Buy at or below 85.10; 2024-01 · Price NOK 82.50 · Value 85.10 · Buy at or below 85.10; 2024-02 · Price NOK 76.06 · Value 97.52 · Buy at or below 97.52; 2024-03 · Price NOK 76.54 · Value 97.52 · Buy at or below 97.52; 2024-04 · Price NOK 75.80 · Value 97.52 · Buy at or below 97.52; 2024-05 · Price NOK 83.55 · Value 97.52 · Buy at or below 97.52; 2024-06 · Price NOK 86.75 · Value 97.52 · Buy at or below 97.52; 2024-07 · Price NOK 92.10 · Value 97.52 · Buy at or below 97.52; 2024-08 · Price NOK 94.20 · Value 97.52 · Buy at or below 97.52; 2024-09 · Price NOK 99.45 · Value 97.52 · Buy at or below 97.52; 2024-10 · Price NOK 101.70 · Value 97.52 · Buy at or below 97.52; 2024-11 · Price NOK 101.90 · Value 97.52 · Buy at or below 97.52; 2024-12 · Price NOK 98.35 · Value 97.52 · Buy at or below 97.52; 2025-01 · Price NOK 105.30 · Value 97.52 · Buy at or below 97.52; 2025-02 · Price NOK 108.70 · Value 98.83 · Buy at or below 98.83; 2025-03 · Price NOK 115.30 · Value 98.83 · Buy at or below 98.83; 2025-04 · Price NOK 115.60 · Value 98.83 · Buy at or below 98.83; 2025-05 · Price NOK 115.60 · Value 98.83 · Buy at or below 98.83; 2025-06 · Price NOK 109.60 · Value 98.83 · Buy at or below 98.83; 2025-07 · Price NOK 109.00 · Value 98.83 · Buy at or below 98.83; 2025-08 · Price NOK 112.30 · Value 98.83 · Buy at or below 98.83; 2025-09 · Price NOK 104.20 · Value 98.83 · Buy at or below 98.83; 2025-10 · Price NOK 102.70 · Value 98.83 · Buy at or below 98.83; 2025-11 · Price NOK 108.30 · Value 98.83 · Buy at or below 98.83; 2025-12 · Price NOK 112.50 · Value 98.83 · Buy at or below 98.83; 2026-01 · Price NOK 114.20 · Value 98.83 · Buy at or below 98.83; 2026-02 · Price NOK 130.10 · Value 103.26 · Buy at or below 103.26; 2026-03 · Price NOK 121.70 · Value 103.26 · Buy at or below 103.26; 2026-04 · Price NOK 114.20 · Value 103.26 · Buy at or below 103.26; 2026-05 · Price NOK 97.65 · Value 103.26 · Buy at or below 103.26; 2026-06 · Price NOK 104.20 · Value 103.26 · Buy at or below 103.26; 2026-07 · Price NOK 105.40 · Value 103.26 · Buy at or below 103.26; 2026-08 · Price NOK 95.45 · Value 103.26 · Buy at or below 103.26; 2026-09 · Price NOK 92.80 · Value 103.26 · Buy at or below 103.26; 2026-10 · Price NOK 93.20 · Value 103.26 · Buy at or below 103.26; 2026-10 · Price NOK 95.60 · Value 103.26 · Buy at or below 103.26

NOK per share · annual estimates

Price & return math
Value range	NOK 81.05 – NOK 120.33
Buy at or below	Central value NOK 103.26
Discount to value	1 − 95.60 / 103.26 = 7.4%
Return / year	About 10.6% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash NOK 6.46/share; 4.1% growth for 5 years, then fades to 3.0%; excess cash NOK 2.03/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueNOK 71B

Revenue

Owner earningsNOK 11B

Owner earnings

Operating margin9.8%

Operating margin

Net cash / debtNOK -13B

Net cash / debt

Diluted shares1.0B

Diluted shares

Prices 15 Oct 2026 · FY2025